ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Change in Consumer Income
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Change in Consumer Tastes
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Change in Price of Substitute Good
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Change in Consumer Price Expectations
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Detailed explanation-1: -The law of supply is the relationship between the quantity supplied and the factors which affect it. The most important determinants of supply are technology, the number of suppliers, expectation of suppliers, feedback from consumers, freeze in tax etc.
Detailed explanation-2: -Answer and Explanation: Technological improvements in production is not a determinant of demand.
Detailed explanation-3: -Factors like changes in consumer income also cause the market demand to increase or decrease. For example, if the number of buyers in a market decreases, there will be less quantity demanded at every price, which means demand has decreased.
Detailed explanation-4: -The price of the good or service. The income of buyers. The prices of related goods or services-either complementary and purchased along with a particular item, or substitutes bought instead of a product. The tastes or preferences of consumers will drive demand. More items •12-Jan-2022